KRG Pays Taq Taq Field Partners

Genel Energy plc announced Tuesday that the Taq Taq field partners have received a gross payment of $30 million from the Kurdistan Regional Government for oil exported through the Kurdistan Region of Iraq-Turkey pipeline.

This represents the fourth export payment by the KRG since payments recommenced in September 2015. Genel’s share of the gross Taq Taq payment is $16.5 million. In December last year, the KRG paid Genel and DNO $30 million as a partial payment towards oil exported from the Tawke field. As of March 5, 2015, Genel Energy was owed $233 million for oil sold to the Kurdistan Regional Government.

Late last year, DNO Executive Chairman Bijan Mossavar-Rahmani revealed that DNO and Genel’s combined capital expenditure in Kurdistan has fallen considerably as a result of the Kurdistan Regional Government’s lack of payments to producing international oil companies. 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Bell Geospace, Onyx Engineering Bag FT... (Aug 31)
 -  Japanese Banks Loan $630M to ADOC to D... (Aug 31)
 -  SeaOwl Acquires Thailand-based Ogas So... (Aug 31)
 -  UKJV Confirms Commercial Settlement of... (Aug 30)
 -  Origin Commences Production from Halla... (Aug 30)


Most Popular Articles

From the Career Center
Jobs that may interest you
Instrumentation and Electrical Engineer
Expertise: Refinery / Plant Operations Supervisor
Location: Victoria, TX
 
MACHINISTS AND WELDER - HOUSTON, TX & MIDLAND, TX
Expertise: Machinist|Welding
Location: Texas, United States, TX
 
Solids Control Technicians - Texas
Expertise: Heavy Machinery Operator|Rig Instrument Tech|Rig Mechanic
Location: Texas, United States, TX
 
search for more jobs

Brent Crude Oil : $48.37/BBL 1.80%
Light Crude Oil : $46.35/BBL 1.34%
Natural Gas : $2.83/MMBtu 0.70%
Updated in last 24 hours